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Entrepreneurship and the University; covering student entrepreneurs, entrepreneurship education, business plan contests, and other entrepreneurial activities in higher educationFri, 06 Feb 2015 04:40:47 +0000enhourly1http://wordpress.com/https://s2.wp.com/i/buttonw-com.pngCampus Entrepreneurshiphttps://campusentrepreneurship.wordpress.com
Competition Myth @PeterThiel @ISI | #Conformity Kills | #students #higheredhttps://campusentrepreneurship.wordpress.com/2015/02/06/competition-myth-peterthiel-isi-conformity-kills-students-highered/
https://campusentrepreneurship.wordpress.com/2015/02/06/competition-myth-peterthiel-isi-conformity-kills-students-highered/#commentsFri, 06 Feb 2015 04:40:31 +0000http://campusentrepreneurship.wordpress.com/?p=3839Continue reading →]]>Was fortunate to have one of our GMU School of Business supporters send us a really strong piece by Peter Thiel at The Intercollegiate Review on being true to oneself and your own vision of truth/value rather than that of those around you.

The article is a strong indictment of conformity and mediocrity across a whole host of areas — both micro and societal — and the dangers it presents. Good read for students and others trying recharge and find a truer, self-defined path. (Hint of Earl Nightingale in the article — wonder if Thiel is familiar with The Strangest Secret)

A few strong excerpts,

This is, I think, the big problem with competition: it focuses us on the people around us, and while we get better at the things we’re competing on, we lose sight of anything that’s important, or transcendent, or truly meaningful in our world.

later,

The problem is not one of brainpower: we are talking about fiercely intelligent people with degrees from the nation’s most prestigious institutions. No, the real problem is conformity, a fear of stepping outside the bounds. This is the issue I had to confront in myself when, after years of competing, I achieved my goal of working at a major law firm—and realized it was the last thing I wanted.

This problem of conformity runs deep. Already in the time of Shakespeare the word ape meant both a primate and to imitate. The Aristotelian concept of biology held that man differed from the other animals in his greater aptitude for imitation. This is how we learn language as children: we imitate. This is how culture gets transmitted. But imitation can also go badly wrong. It leads to crazed peer pressure; it leads to the various insane bubbles our society has experienced. If there’s going to be progress, if there’s going to be new thinking in any direction, it requires something very different.

]]>https://campusentrepreneurship.wordpress.com/2015/02/06/competition-myth-peterthiel-isi-conformity-kills-students-highered/feed/01067billgates.jpgCampus EntrepreneurshipWSJ On What College Can Teach Aspiring Entrepreneurs #higheredhttps://campusentrepreneurship.wordpress.com/2014/11/03/wsj-on-what-college-can-teach-aspiring-entrepreneurs-highered/
https://campusentrepreneurship.wordpress.com/2014/11/03/wsj-on-what-college-can-teach-aspiring-entrepreneurs-highered/#commentsMon, 03 Nov 2014 23:31:41 +0000http://campusentrepreneurship.wordpress.com/?p=3834Continue reading →]]>A nice, thorough piece by Anna Prior of the Wall Street Journal on what aspiring entrepreneurs can gain through their choice and management of their college experience. From the WSJ:

Going to college and starting a business can be expensive propositions. Business owners loaded with student debt may end up in a big financial hole—their families may have tapped out their resources helping to pay for school, leaving them unable to contribute to the business, and the entrepreneurs themselves may face a tough time qualifying for traditional business loans or other types of financing.

That’s why experts say it’s critical that potential business owners need to think about how much debt to take on and how to pay back student loans, right from the get-go.

There are many great topics, including what to study and where to go, in this article. Many of the topics similar to what I uncover in my forthcoming research.

Glad to see this article and I hope more students, families, and schools leaders and taking this issues into consideration as they consider higher education options and entrepreneurship.

]]>https://campusentrepreneurship.wordpress.com/2014/11/03/wsj-on-what-college-can-teach-aspiring-entrepreneurs-highered/feed/0Campus EntrepreneurshipDoes the Campus Play a Role in the Creation of High Growth Student Startups? #Hackedu #Dissertation @GeorgeMasonUhttps://campusentrepreneurship.wordpress.com/2014/10/21/research_question_david_miller/
https://campusentrepreneurship.wordpress.com/2014/10/21/research_question_david_miller/#commentsTue, 21 Oct 2014 14:03:37 +0000http://campusentrepreneurship.wordpress.com/?p=3832Continue reading →]]>I am in the final weeks of finishing my dissertation. My research question investigates the role the campus plays in the opportunity recognition and startup processes of high growth ventures created by students at US universities and colleges.

From Microsoft, Nike, and Dell to WordPress, Groupon, and Under Armour, many innovative and world changing firms have been conceived in the minds of students on the campuses of US universities and colleges.

My data suggests that the campus does play an important role and that in recent years entrepreneurship infrastructure on campus have had an increased impact. The challenge is that there is a wide range of campus assets available and as with all assets, the value extracted is dependent on the person in possession of said asset. My data also suggests that certain campuses produce high growth firms/entrepreneurs with regularity and that the numbers are increasing.

Looking forward to sharing more. I may post some chapter drafts in the coming days for people to take a look at. Thanks.

]]>https://campusentrepreneurship.wordpress.com/2014/10/21/research_question_david_miller/feed/0Campus Entrepreneurship@TechCrunch Highlights Growth of Midwest Innovation Economy (And Case’s Rise of the Rest)https://campusentrepreneurship.wordpress.com/2014/10/20/techcrunch-highlights-growth-of-midwest-innovation-economy-and-cases-rise-of-the-rest/
https://campusentrepreneurship.wordpress.com/2014/10/20/techcrunch-highlights-growth-of-midwest-innovation-economy-and-cases-rise-of-the-rest/#commentsMon, 20 Oct 2014 13:52:25 +0000http://campusentrepreneurship.wordpress.com/?p=3829Continue reading →]]>Beyond being born and raised in Chicago and spending many years on campuses in the Midwest (BA, MBA), I worked in the tech community during the Internet Bubble and love the Midwest’s continued growth. That said, the optimistic story in TechCrunch by Jonathan Shieber, seems to be a throwback to 15 years ago with the added focus on Case’s idea of the ‘rise of the rest.’ (BTW, we were the Silicon Prairie back then — Divine Interventures, May Report, Halo – Starbelly, etc)

As the most populous city in the region, it’s no surprise that Chicago is the fastest growing hub in “Silicorn Alley” in the development of its investment ecosystem. In the first eight months of 2014 Chicago saw $6 billion in exits through public offerings and sales, including the recent sales of TrunkClub to Nordstrom, and Apartments.com to CoStar Group.But beyond the windy city, startups are cropping up across the Midwest’s silicon plains.

There is some interesting data in the article and mentions of institutions such as 1871 and Lightbank which have helped build strong infrastructure. The article does not mention the rise of the U of C Entrepreneurship infrastructure and the companies that have gone through the campus (the topic of my dissertation) and relies on quotes from power brokers such as the Pritzker clan and abstract ideas from Andreessen (a product of the University of Illinois) to strengthen the rise of the Midwest argument before returning to the Case Rise of the Rest pitch.

The article is worth reading on a number of levels, but it is worth remembering that Chicago and the Midwest were working on this long before the coasts acknowledged the ‘rise of the rest.’

as he too has written a book and gone on a speaking and interview tour. Zero to One, by Thiel (with Blake Masters), has many interesting insights and thoughts and Steve Denning of Forbes does a nice job covering the book. From Denning:

In his book, Zero to One, serial entrepreneur Peter Thiel offers seven—sometimes surprising– tools for doing just that. They are what he calls, “the seven questions that every market-creating business must answer.”

The Engineering Question: Do you have a breakthrough technology?
The Timing Question: Is your timing right?
The Monopoly Question: Do you have something no-one else has?
The People Question: Do you have the right people?
The Distribution Question: Can you sell and market your stuff?
The Durability Question: Will you be still around in 10 years?
The Secret Question: Do you know something nobody else does?

Later,

Thiel hates competition. Like Michael Porter, he views strategy as mainly about coping with competition. The way you cope with competition is essentially by avoiding it. “Monopoly,” he declares flatly, “is the condition of every successful business.”

In economics, it is otherwise. “‘Perfect competition’ is considered both the ideal and the default state in Economics 101,” says Thiel. “Under perfect competition, in the long run no company makes an economic profit. The opposite of perfect competition is monopoly. Whereas a competitive firm must sell at the market price, a monopoly owns its market, so it can set its own prices. Since it has no competition, it produces at the quantity and price combination that maximizes its profits.”

I am looking forward to reading Zero to One, though I have to admit I am concerned Thiel is a technology zealot and hope that the book offers a insights for traditional product, service and public sector leaders and organizations.

]]>https://campusentrepreneurship.wordpress.com/2014/10/16/thiels-7-keys-to-market-creating-innovation-blue-ocean-anyone/feed/0Campus EntrepreneurshipPeter Thiel back in the days of PayPalZuckerberg Backed Org Launches Contest to Help Grow Internet in Indiahttps://campusentrepreneurship.wordpress.com/2014/10/10/zuckerberg-backed-org-launches-contest-to-help-internet-to-india/
https://campusentrepreneurship.wordpress.com/2014/10/10/zuckerberg-backed-org-launches-contest-to-help-internet-to-india/#commentsFri, 10 Oct 2014 19:56:00 +0000http://campusentrepreneurship.wordpress.com/?p=3820Continue reading →]]>A massive 69% of India’s population does not have access to the Internet. A non-profit back by Mark Zuckerberg — probably the most successful student entrepreneur of the past 10 years — has put up $1 million in prizes for creative solutions to this problem.

The contest from Facebook-backed Internet accessibility partnership Internet.org could help millions of people recognize the value of the Internet, pursue access, and gain knowledge and opportunities that can help them get better jobs and improve their lives. That could in turn help Internet.org’s flagship sponsor Facebook gain new users that it can connect to the world.

While Facebook and Mark Zuckerberg have a clear interest in getting all those folks online, its seems there is more going on. This is philanthropy in action, making funds available to people, but demanding that they produce something that continues to provide returns to society – in this case apps that connect more people to the internet.

]]>https://campusentrepreneurship.wordpress.com/2014/10/10/zuckerberg-backed-org-launches-contest-to-help-internet-to-india/feed/0Campus Entrepreneurship@PositivDeviancy Featured on @GeorgeMasonU Homepagehttps://campusentrepreneurship.wordpress.com/2014/10/10/positivdeviancy-featured-on-georgemasonu-homepage/
https://campusentrepreneurship.wordpress.com/2014/10/10/positivdeviancy-featured-on-georgemasonu-homepage/#commentsFri, 10 Oct 2014 04:44:37 +0000http://campusentrepreneurship.wordpress.com/?p=3817Continue reading →]]>Awesome to see coverage of young Mason entrepreneur Jade Garrett, founder of Positive Deviancy, a firm building assistive technology out of stuffed animals for children on the #Autism spectrum. I’ve been lucky enough to work with Jade and she is a dynamic student, leader, and a fine example of today’s super innovative, productive and entrepreneurial students that take advantage of their campus. From George Mason University:

Garrett, who is pursuing an applied information technology degree from the Volgenau School of Engineering, spent the summer working on a toy bear that is also a computer game controller. Designed for children with autism, the plush bear answers several needs across the autism spectrum. For instance, a plush animal is easier for some to hold for longer periods of time than a controller, and those with motor-control issues find the buttons easier to use than a track ball or keyboard.

The bear is named Computer Assisted Device Input Bear, CADI for short, and pronounced “Caddy.” It’s still in the prototype stage, but with the help of the School of Business’ Mason Innovation Lab and the Lab for IT Entrepreneurship, the bear is coming out of hibernation and making the rounds as Garrett meets those in the business of creating businesses for those with special needs.

]]>https://campusentrepreneurship.wordpress.com/2014/10/10/positivdeviancy-featured-on-georgemasonu-homepage/feed/0Campus EntrepreneurshipPatriot Demo DayWatching My Students Growhttps://campusentrepreneurship.wordpress.com/2014/10/10/watching-my-students-grow/
https://campusentrepreneurship.wordpress.com/2014/10/10/watching-my-students-grow/#commentsFri, 10 Oct 2014 04:37:14 +0000http://campusentrepreneurship.wordpress.com/2014/10/10/watching-my-students-grow/Steve Blank:“You cannot teach a man anything, you can only help him find it within himself.” Galileo Galilei One of the great things about teaching is that while some students pass by like mist in the…]]>

“You cannot teach a man anything, you can only help him find it within himself.”
Galileo Galilei

One of the great things about teaching is that while some students pass by like mist in the night others remain connected forever. I get to watch them grow into their careers and cheer them on.

—

Its been three and a half years since I first designed and taught the Lean LaunchPad class and lots of water has gone under the bridge since then. I’ve taught hundreds of teams, the National Science Foundation Innovation Corps has taught close to 400 teams led by our nations top scientists, and the class is being taught around the world.

But I still remember a team from the first class, one which wanted to build a robotic lawnmower. It’s now been over 3 years since the team has left my classroom and I thought I’d share with you…

]]>https://campusentrepreneurship.wordpress.com/2014/10/10/watching-my-students-grow/feed/0Campus EntrepreneurshipNews from the World of High Growth Student Startups | GrubHub | Packback Books | #Entrepreneurship #Dissertationhttps://campusentrepreneurship.wordpress.com/2014/03/28/news-from-the-world-of-high-growth-student-startups-grubhub-packback-books-entrepreneurship-dissertation/
https://campusentrepreneurship.wordpress.com/2014/03/28/news-from-the-world-of-high-growth-student-startups-grubhub-packback-books-entrepreneurship-dissertation/#commentsFri, 28 Mar 2014 20:32:17 +0000http://campusentrepreneurship.wordpress.com/?p=3812Continue reading →]]>Been awhile lots of research and busy with new opportunities at George Mason Universities. The Campus is indeed the frontier. Three items from the frontier…

Big celebrations in Chicago and at 1871 as a student startup from Illinois State, Packback Books, appeared on Shark Tank last week. They closed a deal with Mark Cuban. The company, founded Kasey Gandham, Mike Shannon and Nick Currier offers short term, pay per use digital textbook rentals. Kind of like renting a movie from itunes etc. Big changes in #highered #textbook market!

My dissertation, The Campus as Frontier for Entrepreneurship: High Growth Student Startups at U.S. Universities, will be completed in April 2014. The dissertation will include a case study, a database of high growth student entrepreneurs, their firms, and universities. Additionally, the work will propose 5 archetypes of high growth student entrepreneurs and will suggest a frontier framework for evaluating U.S. higher education and its value. I look forward to sharing this work as I complete by PhD from GMU’s SPP.

]]>https://campusentrepreneurship.wordpress.com/2014/03/28/news-from-the-world-of-high-growth-student-startups-grubhub-packback-books-entrepreneurship-dissertation/feed/0Campus EntrepreneurshipAre Universities Teaching the Wrong Entrepreneurship Process?https://campusentrepreneurship.wordpress.com/2013/11/01/universities-wrong-entrepreneurship-process/
https://campusentrepreneurship.wordpress.com/2013/11/01/universities-wrong-entrepreneurship-process/#commentsFri, 01 Nov 2013 02:02:44 +0000http://campusentrepreneurship.wordpress.com/?p=3800Continue reading →]]>I’ve long wondered why so many schools support a business plan/VC model through contests and course work when most of their students will never be in the running for venture capital. Over the past few years through Startup Mason and other activities, we’ve moved to a more experiential model/process for entrepreneurship education. We’ve supported action, iteration and experimentation in lieu of planning. (Though many contests demand plans and/or executive summaries).

Dileep Rao at Forbes.com has an interesting piece arguing against teaching business plans and competitions and for a more hands on approach to learning entrepreneurship. There is much good in this piece for those who care about entrepreneurship education. From Rao,

As I am constantly repeating, the capital intensive VC model has worked in Silicon Valley, but seldom outside. While 88 percent of Silicon Valley’s billion-dollar entrepreneurs used venture capital, 91 percent outside Silicon Valley did not.

This means that universities may want to consider the following:

Teach students how to build businesses using capital efficiency, not just capital intensity. Most areas do not have successful VC funds. Even if they did, most VC funds do not build home runs. The top four percent of VC funds earn about 65% of industry IPO profits. Getting money from the other 96 percent may not do much to build a great company or to make you wealthy. With capital efficiency, students learn to grow without wasting both time and their opportunity in order to seek VC, only to be rejected by VCs. VCs reject about 98-99 percent of entrepreneurs who seek funds from them

Encourage students to build their business with smarts, not money. Less than five percent of VC funding goes to startups. This means that students need to learn how to build their business, and actually get some traction, before anyone will take them seriously. Universities should teach them how to do this.

Teach sales. Selling is the oxygen of a new business. To sell is to succeed. Unfortunately, many business schools believe that teaching sales has no academic value. Without sales, there is no business.

Encourage business startups rather than business plans. Universities organize business plan competitions with the hope that wise judges can pick winners. VCs, who are the foremost ‘wise judges’ in the business, fail to reach their target 80 percent of the time. If the VCs, who are full-time professionals, fail 80 percent of the time, why do universities think that their own ‘wise’ judges can do better?

Teach all students, rather than just entrepreneurship students or business-school students, how to build a business. I have found that many business-school students do not have a new-business opportunity to pursue. I would suggest casting a wider net in the hope that students in other schools have ideas for a new business that they want to develop and grow.

If you are involved in entrepreneurship education or considering studying entrepreneurship, read this entire article by Rao as it will give you many things to consider as your approach university entrepreneurship offerings.